Consumers continue to switch as Bank of England holds interest rates

In response to the Bank of England’s latest base rate decision, John Dentry, Product Owner of the Current Account Switch Service at Pay.UK, said:

“While the decision to hold the base rate at 4.5% means interest rates on current and savings accounts are unlikely to shift in the short term, it doesn’t mean consumers should stand still when it comes to understanding if their bank account continues to meet their needs.

“Even in a stable rate environment, banks continue to compete through cash incentives, digital banking improvements, and enhanced account features. Branch presence, customer service, and accessibility remain key considerations for many account holders. With over a million current account switches recorded in 2024, many consumers are actively seeking better deals.

“While future rate cuts may be on the horizon, there’s no reason for consumers to wait to review their banking options and ensure their account still meets their needs and financial goals. For those not quite sure, it could pay to consider switching.”